Economic Definition of Consumer Price Index for All Urban Consumers. Defined.
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Term Consumer Price Index for All Urban Consumers Definition: This is the official name and designation for the Consumer Price Index that's commonly reported in the media. It is officially abbreviated CPI-U. Because it is THE standard, it usually goes by the shorted abbreviation CPI. The CPI-U was introduced in 1978 by the Bureau of Labor Statistics to address some of the deficiencies in the existing consumer price index, which now has the designation of CPI-W. In particular, the newer CPI-U includes the prices of goods and services purchased by about 80% of the non-institutionalized population while the older CPI-W includes about only 32 percent (see ).